Consignment
In general, the act of transferring possession of goods to another, who might simply take charge but more commonly try to sell them. The owner of the goods can then be paid from the proceeds of the sale.
Under the UCC, a transaction more specifically defined as a delivery of goods to a merchant for the purpose of sale, with additional requirements such as a minimum value of $1,000 for each delivery. See UCC § 9-102(a)(20).
Definition from Nolo’s Plain-English Law Dictionary
The act of entrusting goods to a person or business who will sell them for you (charging a fee or commission for doing so), and return the goods if unsold.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:13 pm
